InsideGov
Congress · Laws

Money Laundering and Financial Crimes Strategy Act of 1998

Public Law 105-310 · H.R. 1756 · 105th Congress · began in the House

Signed by Bill Clinton (D) on Oct 30, 1998 · Crime and Law Enforcement

Sponsor: Rep. Nydia Velázquez (D-NY-12)

Cosponsors (7): Rep. Jim Leach,

Passage votes

  • HouseVoice vote
  • SenateUnanimous consent
Data notes

The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.

Report a correction

Summary

The Congressional Research Service’s plain-language summary of what the law does.

Money Laundering and Financial Crimes Strategy Act of 1998 - Amends Federal law governing monetary transactions to redefine money laundering and related financial crimes as either: (1) the movement of illicit cash or cash equivalent proceeds into, out of, or through the United States or through certain U.S. financial institutions; or (2) the meaning given under State and local criminal statutes pertaining to the movement of illicit cash or cash equivalent proceeds.

(Sec. 2) Directs the President (acting through the Secretary of the Treasury and in consultation with the Attorney General) to develop and submit to the Congress a national strategy, with five annual updates, for combating money laundering and related financial crimes. Requires such strategy to include: (1) research-based goals, objectives, and priorities; (2) prevention measures coordinated with other agencies; (3) detection and prosecution initiatives (including seizure and forfeiture of proceeds and instrumentalities derived from such crimes); (4) an enhanced partnership between the private financial sector and law enforcement agencies to target crime detection and prevention; (5) enhanced intergovernmental cooperation between Federal, State, and local officials; and (6) a description of geographical areas designated as high-risk money laundering and related financial crime areas.

Instructs the Secretary to submit to the Congress contemporaneously with such strategy an evaluation of the effectiveness of policies to combat money laundering and related financial crimes.

Requires: (1) an element of the national strategy to be the designation of certain geographic areas, industries, sectors, or institutions as areas in which money laundering and related financial crimes are extensive or present a substantial risk; and (2) the Secretary to take specified factors into consideration when identifying such areas.

Authorizes certain Federal, State, and local officials and prosecutors to submit a written request for: (1) the designation of a high-risk money laundering and related financial crimes area; or (2) funding for a specific prevention or enforcement initiative, or to determine the extent of financial criminal activity in an area.

Directs the Secretary to: (1) establish a grant program to support local law enforcement efforts in a money laundering detection, prevention, and suppression program; and (2) report to specified congressional committees on the effectiveness and need for the designation of high-risk money laundering and related financial crime areas.

Sets forth grant eligibility criteria.

Authorizes the Secretary, one year after the national strategy is submitted to the Congress, to review, select, and award grants for State or local law enforcement agencies and prosecutors to provide funding necessary to investigate and prosecute money laundering and related financial crimes in high-risk ares.

Authorizes appropriations for FY 1999 through 2003.

Committees

The committees the bill was sent to, and what each did with it.

  • Financial Services Committee · House · markup by, referred to, reported bySubcommittee: Consumer Protection and Financial Institutions Subcommittee
  • Judiciary Committee · House · discharged from, referred toSubcommittee: Crime and Federal Government Surveillance Subcommittee
Data notes

A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.

Report a correction

Timeline

From introduction to signing, newest first: the committees, the floor and the president. 20 actions.

  1. Oct 30, 1998Became lawBecame law · Became Public Law No: 105-310.
  2. Became lawBecame law · Signed by President.
  3. Oct 20, 1998PresidentPresident · Presented to President.
  4. Oct 16, 1998Resolving differencesResolving differences · Motion to reconsider laid on the table Agreed to without objection.
  5. Resolving differencesResolving differences · On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.
  6. Resolving differencesResolving differences · Mr. Bachus moved that the House suspend the rules and agree to the Senate amendment.
  7. Oct 15, 1998FloorFloor · Passed Senate with an amendment by Unanimous Consent.
  8. FloorFloor · Amendment SP 3828 agreed to in Senate by Unanimous Consent.
  9. FloorFloor · Measure laid before Senate by unanimous consent.
  10. Oct 5, 1998FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
  11. FloorFloor · On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
  12. FloorFloor · Mr. Leach moved to suspend the rules and pass the bill, as amended.
  13. Jul 31, 1998CommitteeCommittee · Discharged from House Judiciary Committee
  14. Jun 25, 1998CommitteeCommittee · Reported by House Financial Services Committee
  15. Jun 11, 1998CommitteeCommittee · Markup by House Financial Services Committee
  16. Jun 17, 1997CommitteeCommittee · Referred to Consumer Protection and Financial Institutions Subcommittee of the House Financial Services Committee
  17. Jun 16, 1997CommitteeCommittee · Referred to Crime and Federal Government Surveillance Subcommittee of the House Judiciary Committee
  18. Jun 3, 1997CommitteeCommittee · Referred to House Financial Services Committee
  19. CommitteeCommittee · Referred to House Judiciary Committee
  20. IntroducedIntroduced · Introduced in the House
Data notes

Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.

Report a correction

Official record

The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.